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"We’ve found that small business owners seek the same thing regardless of location: expertise to help with their cash flow needs and grow their business"

Bank of America today released the spring
2013 Small Business Owner Report, a semi-annual study exploring the
concerns, aspirations and perspectives of small business owners
throughout the country. The survey, which includes an oversampling of
small business owners in Los
Angeles, found that 50 percent of Los Angeles small business owners
feel their personal health has improved as a result of running their own
small business.

Nearly four in 10 (39 percent) of Los Angeles small business owners say
they exercise more and three in 10 (30 percent) eat healthier as a
result of owning a small business. Nearly 64 percent believe they manage
the stress associated with running a small business well, while only 7
percent feel they do not.

Employee wellnessSmall business owners are also looking for
innovative ways to keep their employees happy and healthy. Ninety
percent of Los Angeles small business owners take steps to contribute to
the happiness of their employees, including flexible hours/work from
home options (48 percent), health/wellness benefits (43 percent) and
additional amenities such as healthy snacks, free lunches and massages
(28 percent).

“We’re encouraged by the insights found in our most recent report and
will continue to provide small business owners with the solutions
they need for their business,” said Emily Shanks, regional executive at
Bank of America. “Our small business experts are committed to making the
financial lives of our clients and their employees better.”

Optimism for business and the economyLos Angeles small
business owners continue to be optimistic about the financial wellness
of their business and the economy.

Nearly seven in 10 (69 percent) Los Angeles small business owners
anticipate their revenue to increase over the next year, with
respondents citing marketing their business more to acquire new
customers (48 percent), selling more to their existing customer base (12
percent) and maximizing day-to-day cash flow (11 percent) as tactics to
reach these revenue goals. They are also willing to harness new
technology, such as mobile devices (67 percent) and web meetings (71
percent), to connect with customers and suppliers.

In addition, the survey found the majority of Los Angeles small business
owners are planning on sustaining or growing their business over the
next 12 months. Specifically, nearly half (47 percent) plan on hiring
more employees (16 percent above the national response), while 45
percent expect their staffing needs will remain consistent.

In the next 12 months, 57 percent of respondents expect their local
economy to improve and 54 percent expect the national economy to
improve, both higher than the national response. Los Angeles small
business owners cited consumer confidence (75 percent), health care
benefits/costs (67 percent) and taxes (64 percent) as the key factors
for their outlook.

Preparedness for the unexpectedThe spring 2013 Small
Business Owner Report also explored small business owners’ preparedness
for unexpected events, such as natural disasters, staff reductions, and
medical emergencies. Los Angeles owners feel their business could last
on average five months if a significant disruption were to occur before
they would need outside financial assistance. While only one out of
three (34 percent) Los Angeles small business owners have been affected
by a significant disruption, 61 percent have a plan in place to handle a
possible incident.

Los Angeles small business owners seek adviceSmall business
owners in Los Angeles are well-capitalized, with 65 percent saying they
have enough capital to effectively run their business. One out of three
(36 percent) say they intend to apply for a loan in 2013, higher than
the national response (19 percent).

When it comes to financial matters, only 39 percent consider themselves
very financially savvy. Los Angeles small business owners look to an
accountant/bookkeeper (69 percent), family/friends (55 percent) or other
small business owners (48 percent) for financial advice.

“We’ve found that small business owners seek the same thing regardless
of location: expertise to help with their cash flow needs and grow their
business,” said Shanks. “Whether they’re looking for help managing their payroll,
capital to grow their business or mobile
payment systems to help with customer transactions, we are committed
to helping small business owners in Los Angeles continue to expand their
business.”

Bank of America has continued to lend actively to small businesses
across the U.S. and California. Through March, Bank of America has
extended $858.7 million in credit across California to small businesses
– this includes $488.9 million in new originations, a 37 percent
increase year-over-year. This has helped enable Bank of America to
exceed its national small business lending pledge to the White House and
the U.S. Small Business Administration.

For a complete, in-depth look at the insights of the nation’s small
business owners, please read the entire spring
2013 Small Business Owner Report, and for additional Los
Angeles-based insights, download the Small Business Owner Report Los
Angeles infographic here.

About the Bank of America Small Business Owner ReportBraun
Research conducted the Bank of America Small Business Owner Report
survey by phone between March 14 and March 31, 2013, on behalf of Bank
of America. Braun contacted a nationally representative sample of 1,000
small business owners in the United States with annual revenue between
$100,000 and $4,999,999 and employing between 2 and 99 employees. In
addition, 300 small business owners were also surveyed in nine target
markets: Los Angeles, Dallas, Washington, D.C., New York, Boston,
Chicago, San Francisco, Atlanta and Miami. The margin of error for the
national sample is +/- 3.1 percent and the margin of error for the
oversampled markets is +/- 5.7 percent, with both reported at a 95
percent confidence level.

The Braun Research survey results conducted on behalf of Bank of America
and interpretations in this release are not intended, nor implied, to be
a substitute for the professional advice received from a qualified
accountant, attorney or financial advisor. Always seek the advice of an
accountant, attorney or financial advisor with any questions you may
have regarding the decisions you undertake as a result of reviewing the
information contained herein. Nothing in this report should be construed
as either advice or legal opinion.

Bank of AmericaBank of America is one of the world’s largest
financial institutions, serving individual consumers, small- and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. We serve approximately 52 million
consumer and small business relationships with approximately 5,400
retail banking offices and approximately 16,300 ATMs and award-winning
online banking with 30 million active users. Bank of America is among
the world’s leading wealth management companies and is a global leader
in corporate and investment banking and trading across a broad range of
asset classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers industry-leading
support to approximately 3 million small business owners through a suite
of innovative, easy-to-use online products and services. The company
serves clients through operations in more than 40 countries. Bank of
America Corporation stock (NYSE: BAC) is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.